Sept 11, 2017
Grain Marketing Specialist
September SD report tomorrow at 11am. Do you have your targets working?
Corn: As 7:45 down 1 3/4
Corn traded lower on the overnight session as the Dec marketing has been finding some support around 3.55 range. Which has been the low the last 3 trading sessions. So far contract low is around 3.44. What will USDA say in the report tomorrow? One survey has yield around 168.2 and productions at 14.035. That is compared to USDA numbers at 169.5 and 14.153. Weather for the most part been ok with some dryness through the corn belt. Still per USDA, we have a lot of corn (locally, nationally and worldwide) and harvest is around the corner. The weekly crop progress report will be released at 3:00pm today. Private analysts predict a 1% drop in the corn crop’s good/excellent rating to 60% G/E. This week we will likely see the first “Corn Harvested” statistic of the season, which analysts predict to come in at 2%.
Soybeans: As 7:45 Up 1 ½
Beans are up on the overnight as we saw beans close around 9.63 up 1 ½ on dry weather in parts of the county. One survey says soy prod at 4.328bb and 48.8bpa, vs last month at 4.381bb and 49.4bpa. The weekly crop progress report today. Private analysts predict a 1% drop in the soy crop’s good/excellent rating to 60% G/E.
Wheat: As of 7:45 WW down 4 ¾, Spring down 5 3/4
Both Spring and Winter wheat traded lower on the overnight session, as spring was 5 ¾ lower at 6.41 on the Dec contract and winter was 4 ¾ lower at 4.37. We still have a healthy stocks to use ratio on both wheats (50% on WW and 77% on Spring.) Both the US and Canada harvest is winding down and the yields were bigger than expected. But no talk about abandoned acres yet. 2017/18 ending stocks guess is 920mb…range of 875 to 943mb..USDA was 933 in August